Elon’s Rockets to the Moon: SpaceX IPO Set to Crown It Bitcoin King

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Well, strap in, folks, because according to Grayscale, Elon Musk’s SpaceX is about to become the most valuable public company holding Bitcoin. That’s right, the man who sells flamethrowers and dreams of colonizing Mars is now also your go-to Bitcoin baron. Meanwhile, Michael Saylor’s Strategy will likely remain the hoarder-in-chief by sheer BTC volume. SpaceX’s S-1 filing reveals a tidy 18,712 BTC under “Digital Assets,” which is either a lot or a little, depending on whether you’re asking a crypto bro or your grandmother.

Key Takeaways:

  • Grayscale says SpaceX could become the most valuable public company holding Bitcoin.
  • Diversified businesses might start hoarding BTC like it’s the last roll of toilet paper in 2020.
  • SpaceX’s IPO could finally make corporate Bitcoin strategies as exciting as watching paint dry, but with more zeros.

SpaceX IPO: Because Rockets and Bitcoin Go Together Like Peanut Butter and Confusion

Crypto asset manager Grayscale Investments proclaimed on May 26 that Elon Musk’s SpaceX is poised to become the most valuable public company holding BTC after its expected IPO in June. Michael Saylor’s Strategy will likely remain the Bitcoin Scrooge McDuck, swimming in a vault of 843,738 BTC. SpaceX, meanwhile, sits on a modest 18,712 BTC, according to its S-1 filing with the SEC. Because nothing says “space exploration” like a side hustle in cryptocurrency.

Grayscale’s Head of Research, Zach Pandl, helpfully divided corporate Bitcoin holders into two categories: Digital Asset Treasuries (DATs), which are basically Bitcoin investment vehicles with a fancy name, and diversified businesses, which hold BTC alongside their actual jobs. Strategy is the king of the DATs with 843,738 BTC, while SpaceX and Tesla are the cool kids in the diversified category, with Tesla holding 11,509 BTC. Pandl succinctly noted:

“SpaceX is expected to be the largest public company holding Bitcoin.”

This distinction is crucial because it separates companies that are essentially Bitcoin ETFs from those that also, you know, make things. Treasury-focused firms like Strategy (843,738 BTC) and Twenty One Capital (43,514 BTC) are all about the BTC, while SpaceX and Tesla are more like, “Sure, we’ll take some Bitcoin, but we’ve also got rockets and electric cars to worry about.”

SpaceX Sets New Benchmark: Because Who Needs Moonshots When You Have Bitcoin?

SpaceX’s S-1 filing lists Bitcoin under “Digital Assets” and shows that their holdings haven’t budged in a year. They’ve got 18,712 BTC, valued at $1.637 billion (down from $1.749 billion, because volatility is fun!). The cost basis remains at $661 million, which is either a bargain or a disaster, depending on who you ask. SpaceX also assured everyone that they “utilize third-party custodians to hold their Bitcoin,” because even rocket scientists don’t trust themselves with that much digital cash.

SpaceX’s Bitcoin holdings. Source: SpaceX’s S-1 filing with the SEC. Because nothing says “future” like a spreadsheet.

Prediction markets on Polymarket are betting SpaceX will debut with a valuation between $2 trillion and $2.5 trillion, which is a lot of zeros for a company that’s basically a very expensive hobby. This valuation would make SpaceX the most valuable public company holding BTC, according to Grayscale. Because if you can’t make it to Mars, at least you can make it to the top of the Bitcoin leaderboard.

Grayscale’s head of research added that more diversified businesses will likely start holding BTC, even if the number of dedicated treasury firms declines. This could boost demand for BTC, which is great news for Bitcoin and terrible news for anyone who still thinks it’s a fad.

“We believe that the number of diversified businesses holding BTC will increase over time, even if we see the number of DATs declining. Altogether, these dynamics could bolster demand for BTC-and underpin its value over time.”

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2026-05-27 03:59